In the crypto market, I have seen too many people have their lives destroyed by a single phrase—"Your position has been forcibly liquidated."

Ten years ago, I was one of them. Pledged my marital home, dreamed of a seaside villa, only to see my assets go to zero within 48 hours. This wasn't my first liquidation, but it was the most painful. Over three years, I experienced three margin calls, each time thinking I had found the winning strategy, only to become another victim in the market cycle.

Now I understand: getting rich quickly is an illusion; surviving is the real truth.

Just look at the real cases from the past two years. In 2025, a well-known trader was liquidated 71 times in 19 days, with a single-day loss exceeding $21 million. Another trader used 40x leverage to go long on Bitcoin, with a position size of $1.25 billion, losing $100 million in a week. A spot whale directly cut losses and exited with $125 million. In last year's "massacre," over 1.62 million investors faced margin calls, with total losses reaching $19.1 billion.

These stories are astonishingly similar: extremely high leverage, blindly chasing gains, decisions driven by emotions. Some young people borrowed money to enter the market, with their 100,000 yuan principal evaporating in an instant, then spending days interviewing at factories and working part-time at night to pay off debts. That was how I started too.

Back then, I thought I was an exception. Now I realize—there are no exceptions in the market, only those who are swept away by the waves and those who survive.